These are my Monthly Expenses – July 2023!
Why track your monthly expenses?
Because budgeting, planning, and learning how to manage your finances is an essential component to achieving financial freedom.
The key to building wealth is to spend less than you earn and wisely invest the difference.
Over the past 6 years, I have managed to save over 50% of my income each month.
More money saved means more money to invest. Using the model of dividend growth investing, I am on course to achieving financial freedom.
The results have been amazing!
Over the years, I have built a six-figure portfolio that generates dividend income each month. I am currently making over $1,100 in passive income each month while I sleep.
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July 2023 Monthly Expenses
So here is July 2023’s expenses:
- Rent: $614.34
- Utilities
- Electric: $54.83
- Gas: $19.08
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $561.52
- Miscellaneous
- Healthcare: $34.15
- Laundry Card: $20.00
- Amazon: $48.87
All in all, my expenses for July 2023 totaled: $1,572.78
Ouch. Food and supply expenses ran much higher this July.
This is for three reasons.
The first is that I do all my shopping on Sunday and there were 5 Sundays in July. The second is that I spent more on supplies this month as everything seemed to run out at once.
The third is that I have been eating out more and enjoying the summer. I have no regrets about this one!
Food and supply expenses will taper down in August; however, my electric bill will be higher as I have had the AC on every night.
Other then that, there were no surprise expenses this past month.
Dividends vs. Monthly Expenses
I also like to compare my monthly expenses with my dividend income.
Once passive income is greater than living expenses, then financial independence is achieved!
Now let us compare my monthly expenses to my dividend income.
I will compare my expenses to my July 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $14,206 in dividend income over the next 12 months.
- July 2023 dividend income: $855.91 = 54.4% of my expenses covered in July.
- Average monthly dividend income: $1,183.90 per month = 75.3% of my expenses covered in July.
Conclusion
Thus, this concludes my monthly expenses for July 2023!
I am getting closer and closer to covering all my expenses. Soon, dividend income will be covering all my monthly expenses!
I will continue work towards my goals and build my dividend dynasty!
So, how about the rest of you? Do you track your monthly expenses? Also, how close are you to covering expenses via passive income?
Let me know in the comments below!
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